diff --git a/src/token/mod.rs b/src/token/mod.rs
index 12fe5ac..fcce9aa 100644
--- a/src/token/mod.rs
+++ b/src/token/mod.rs
@@ -16,7 +16,7 @@ use crate::diagnostics::{Span, Spanned};
 use crate::token::variance::bound::Bound;
 use crate::token::variance::invariant::{IntoNominalText, IntoStructuralText};
 use crate::token::variance::ops::{self, Conjunction};
-use crate::token::variance::{TreeVariance, VarianceFold, VarianceTerm};
+use crate::token::variance::{TreeExhaustiveness, TreeVariance, VarianceFold, VarianceTerm};
 use crate::token::walk::{BranchFold, Fold, FoldMap, Starting, TokenEntry};
 use crate::{StrExt as _, PATHS_ARE_CASE_INSENSITIVE};
 
@@ -514,8 +514,13 @@ impl<'t, A> Token<'t, A> {
         struct IsRooting;
 
         impl<'t, A> Fold<'t, A> for IsRooting {
+            type Sequencer = Starting;
             type Term = When;
 
+            fn sequencer() -> Self::Sequencer {
+                Starting::default()
+            }
+
             fn fold(
                 &mut self,
                 branch: &BranchKind<'t, A>,
@@ -542,8 +547,7 @@ impl<'t, A> Token<'t, A> {
             }
         }
 
-        self.fold_with_sequence(Starting, IsRooting)
-            .unwrap_or(When::Never)
+        self.fold(IsRooting).unwrap_or(When::Never)
     }
 
     pub fn has_boundary(&self) -> bool {
@@ -566,6 +570,12 @@ impl<'t, A> Token<'t, A> {
         }
     }
 
+    pub fn is_exhaustive1(&self) -> bool {
+        self.fold(TreeExhaustiveness)
+            .as_ref()
+            .map_or(false, Variance::is_exhaustive)
+    }
+
     // NOTE: False positives in this function may cause logic errors and are completely
     //       unacceptable. The discovery of a false positive here is likely a serious bug.
     pub fn is_exhaustive(&self) -> bool {
@@ -1369,7 +1379,6 @@ impl<'t, A> VarianceFold<Breadth> for Concatenation<'t, A> {
 
 impl<'t, A> VarianceFold<Depth> for Concatenation<'t, A> {
     fn fold(&self, terms: Vec<VarianceOf<Depth>>) -> Option<VarianceOf<Depth>> {
-        //terms.into_iter().reduce(ops::union)
         terms.into_iter().reduce(ops::conjunction)
     }
 }
diff --git a/src/token/variance/invariant/mod.rs b/src/token/variance/invariant/mod.rs
index aab5f52..1dfde71 100644
--- a/src/token/variance/invariant/mod.rs
+++ b/src/token/variance/invariant/mod.rs
@@ -78,14 +78,6 @@ impl Product<NonZeroUsize> for Bound<UnitBound> {
     }
 }
 
-//impl<T> Union<T> for UnitBound {
-//    type Output = Self;
-//
-//    fn union(self, _: T) -> Self::Output {
-//        UnitBound
-//    }
-//}
-
 // NOTE: Breadth is probably the least "interesting" invariant to query. The variance w.r.t.
 //       breadth is critical in determining the exhaustiveness of a glob (amongst other useful
 //       things), but the bounds of both invariant and variant breadth are not particularly useful.
@@ -278,3 +270,13 @@ macro_rules! impl_invariant_natural {
 }
 impl_invariant_natural!(Depth, once => 1);
 impl_invariant_natural!(Size);
+
+impl VarianceOf<Depth> {
+    // TODO: Name this differently. Perhaps `has_upper_bound` (that inverts the meaning).
+    // TODO: Generalize this to `Variance<_, Bound<_>>`.
+    pub fn is_exhaustive(&self) -> bool {
+        self.as_ref()
+            .variant()
+            .map_or(false, |bounds| bounds.upper().into_bound().is_unbounded())
+    }
+}
diff --git a/src/token/variance/mod.rs b/src/token/variance/mod.rs
index 1ff824b..2b71f2a 100644
--- a/src/token/variance/mod.rs
+++ b/src/token/variance/mod.rs
@@ -2,15 +2,16 @@ pub mod bound;
 pub mod invariant;
 pub mod ops;
 
+use itertools::Itertools;
 use std::cmp::Ordering;
 use std::marker::PhantomData;
 use std::num::NonZeroUsize;
 
 use crate::token::variance::bound::{Bound, NaturalRange, NonEmptyRange, OpenedUpperBound};
-use crate::token::variance::invariant::{Invariant, UnitBound, VarianceOf};
+use crate::token::variance::invariant::{Breadth, Depth, Invariant, Text, UnitBound, VarianceOf};
 use crate::token::variance::ops::{Conjunction, Disjunction, Product};
-use crate::token::walk::Fold;
-use crate::token::{BranchKind, LeafKind};
+use crate::token::walk::{ChildToken, Fold, Forward, ParentToken, Sequencer};
+use crate::token::{Boundary, BranchKind, Composition, LeafKind};
 
 use self::bound::BoundedNonEmptyRange;
 
@@ -337,8 +338,13 @@ where
     LeafKind<'t>: VarianceTerm<T>,
     T: Invariant,
 {
+    type Sequencer = Forward;
     type Term = VarianceOf<T>;
 
+    fn sequencer() -> Self::Sequencer {
+        Forward::default()
+    }
+
     fn fold(&mut self, branch: &BranchKind<'t, A>, terms: Vec<Self::Term>) -> Option<Self::Term> {
         branch.fold(terms)
     }
@@ -352,6 +358,116 @@ where
     }
 }
 
+#[derive(Debug, Default)]
+pub struct TreeExhaustiveness;
+
+impl Sequencer for TreeExhaustiveness {
+    fn enqueue<'i, 't, A>(
+        &mut self,
+        parent: ParentToken<'i, 't, A>,
+    ) -> impl Iterator<Item = ChildToken<'i, 't, A>> {
+        parent.into_tokens().rev().take_while(|token| {
+            token.as_ref().as_leaf().map_or(true, |leaf| {
+                if let Some(Boundary::Separator) = leaf.boundary() {
+                    true
+                }
+                else {
+                    let breadth: VarianceOf<Breadth> = leaf.term();
+                    let text: VarianceOf<Text> = leaf.term();
+                    breadth.is_unbounded() && text.is_unbounded()
+                }
+            })
+        })
+    }
+}
+
+impl<'t, A> Fold<'t, A> for TreeExhaustiveness {
+    type Sequencer = Self;
+    type Term = VarianceOf<Depth>;
+
+    fn sequencer() -> Self::Sequencer {
+        Self::default()
+    }
+
+    fn fold(&mut self, branch: &BranchKind<'t, A>, terms: Vec<Self::Term>) -> Option<Self::Term> {
+        // TODO: Detect generalizations in alternation branches. This may be possible in an
+        //       optimization step that fold maps token trees and discards unnecessary branches.
+        // When folding terms into an alternation, if some but not all branches are exhaustive,
+        // then do not sum the terms and instead return the bounded depth [0,1]. This is necessary
+        // to prevent false positives when the sum of exhaustiveness terms for branches is
+        // exhaustive but a **non-overlapping** branch is non-exhaustive. Consider `{a/**,**/b}`.
+        // This pattern is nonexhaustive, because matches in `**/b` are not exhaustive and are not
+        // necessarily sub-trees of an exhaustive branch (in this example, the only such branch
+        // being `a/**`). Despite this, the terms exhaustiveness terms for the alternation are
+        // unbounded and zero. These terms sum to unbounded, which is a false positive.
+        //
+        // Note that this heuristic is also applied when all non-exhaustive branches overlap with
+        // an exhaustive branch (that is, all non-exhaustive branches are generalized by exhaustive
+        // branches), which causes false negatives. Consider `{/**,/**/a}`. The branch `/**`
+        // generalizes the remaining branches, so this pattern is exhaustive, but this heuristic
+        // rejects this. However, this false negative is far more acceptable than a false positive,
+        // which causes errant behavior.
+        if let BranchKind::Alternation(_) = branch {
+            let (all, any) = terms
+                .iter()
+                .fold_while((true, false), |sum, term| {
+                    use itertools::FoldWhile::{Continue, Done};
+
+                    let term = term.is_exhaustive();
+                    match (sum.0 && term, sum.1 || term) {
+                        sum @ (false, true) => Done(sum),
+                        sum => Continue(sum),
+                    }
+                })
+                .into_inner();
+            if !all && any {
+                return Some(VarianceOf::<Depth>::Variant(Bound::Bounded(
+                    BoundedNonEmptyRange::Upper(unsafe { NonZeroUsize::new_unchecked(1) }),
+                )));
+            }
+        }
+
+        let n = terms.len();
+        let term = VarianceFold::fold(branch, terms);
+        if branch.tokens().into_inner().len() == n {
+            term
+        }
+        else {
+            if term.as_ref().map_or(false, Variance::is_exhaustive) {
+                term
+            }
+            else {
+                Some(Variance::identity())
+            }
+        }
+    }
+
+    fn finalize(&mut self, branch: &BranchKind<'t, A>, term: Self::Term) -> Self::Term {
+        use Variance::{Invariant, Variant};
+
+        match branch {
+            branch @ BranchKind::Repetition(_) => match term {
+                // When folding terms into a repetition, only finalize variant terms and the
+                // multiplicative identity and annihilator (one and zero). This is necessary,
+                // because natural bounds do not express the subset nor relationship of matched
+                // values within the range. Consider `<*/*/>`. This pattern is unbounded w.r.t.
+                // depth, but only matches paths with a depth that is a multiple of two and so is
+                // nonexhaustive. However, the similar pattern `<*/>` is exhaustive and matches any
+                // sub-tree of a match.
+                Invariant(Depth(0)) | Invariant(Depth(1)) | Variant(_) => {
+                    VarianceFold::finalize(branch, term)
+                },
+                _ => term,
+            },
+            branch => VarianceFold::finalize(branch, term),
+        }
+    }
+
+    fn term(&mut self, leaf: &LeafKind<'t>) -> Self::Term {
+        VarianceTerm::term(leaf)
+    }
+}
+
 // TODO: How do we sum invariant with unbounded...? The conjunction is bounded, but... what are the
 //       bounds? Is this a distinct case that requires a distinct representation or is there a
 //       "natural" way to construct a bound from an invariant in this case?
@@ -549,7 +665,7 @@ mod tests {
                 token.variance::<Size>(),
                 token.variance::<Text>(),
             );
-            token.is_exhaustive()
+            token.is_exhaustive1()
         }
 
         assert!(is_exhaustive("**"));
@@ -568,6 +684,7 @@ mod tests {
         assert!(is_exhaustive("<<?>/>*"));
         assert!(is_exhaustive("<*{/}>"));
         assert!(is_exhaustive("<*{/,/}>"));
+        assert!(is_exhaustive("<*{/,/**}>"));
         assert!(is_exhaustive("<{<<{{a/b}}{{/**}}>>}>"));
 
         assert!(!is_exhaustive(""));
@@ -610,11 +727,15 @@ mod tests {
         //       matches the second branch of the alternation, but not the first. This pattern does
         //       not match any sub-tree of this match other than more `b` components (the first
         //       branch will never be matched).
-        //assert!(!is_exhaustive("{a/**,**/b}")); // BROKEN.
+        assert!(!is_exhaustive("{a/**,**/b}")); // BROKEN.
+        assert!(!is_exhaustive("<{a/**,**/b}:1>")); // BROKEN.
+
+        // NOTE: This expression is exhaustive. However, determining this is tricky. One branch
+        //       generalizes the other.
         // TODO: This is considered exhaustive, but for the wrong reasons: see the case above.
         //       Detecting this properly involves understanding that one branch generalizes the
         //       other and so that other term can be discarded (only the more general term
         //       matters).
-        assert!(is_exhaustive("{/**,/**/a}"));
+        //assert!(is_exhaustive("{/**,/**/a}"));
     }
 }
diff --git a/src/token/variance/ops.rs b/src/token/variance/ops.rs
index fd2ddff..8710e8e 100644
--- a/src/token/variance/ops.rs
+++ b/src/token/variance/ops.rs
@@ -1,24 +1,87 @@
+use std::num::NonZeroUsize;
+
+use crate::token::variance::Variance;
+
 pub trait Conjunction<T = Self> {
     type Output;
 
     fn conjunction(self, rhs: T) -> Self::Output;
 }
 
+impl Conjunction for NonZeroUsize {
+    type Output = Self;
+
+    fn conjunction(self, rhs: Self) -> Self::Output {
+        self.checked_add(rhs.into())
+            .expect("overflow computing conjunction of unsigned word")
+    }
+}
+
+impl Conjunction for usize {
+    type Output = Self;
+
+    fn conjunction(self, rhs: Self) -> Self::Output {
+        self.checked_add(rhs)
+            .expect("overflow computing conjunction of unsigned word")
+    }
+}
+
 pub trait Disjunction<T = Self> {
     type Output;
 
     fn disjunction(self, rhs: T) -> Self::Output;
 }
 
-// TODO: This IS fundamental. Implement this over `Variance` and `usize`. That implementation
-//       yields `Invariant::identity` when given zero, and otherwise forwards a `NonZeroUsize` to
-//       the contents of the `Variance` term!
+impl Disjunction for NonZeroUsize {
+    type Output = Variance<Self, ()>;
+
+    fn disjunction(self, rhs: Self) -> Self::Output {
+        if self.get() == rhs.into() {
+            Variance::Invariant(self)
+        }
+        else {
+            Variance::Variant(())
+        }
+    }
+}
+
+impl Disjunction for usize {
+    type Output = Variance<Self, ()>;
+
+    fn disjunction(self, rhs: Self) -> Self::Output {
+        if self == rhs {
+            Variance::Invariant(self)
+        }
+        else {
+            Variance::Variant(())
+        }
+    }
+}
+
 pub trait Product<T = Self> {
     type Output;
 
     fn product(self, rhs: T) -> Self::Output;
 }
 
+impl Product for NonZeroUsize {
+    type Output = Self;
+
+    fn product(self, rhs: Self) -> Self::Output {
+        self.checked_mul(rhs.into())
+            .expect("overflow computing product of unsigned word")
+    }
+}
+
+impl Product for usize {
+    type Output = Self;
+
+    fn product(self, rhs: Self) -> Self::Output {
+        self.checked_mul(rhs)
+            .expect("overflow computing product of unsigned word")
+    }
+}
+
 pub fn conjunction<T, U>(lhs: T, rhs: U) -> T::Output
 where
     T: Conjunction<U>,
diff --git a/src/token/walk.rs b/src/token/walk.rs
index a1d0272..0c82984 100644
--- a/src/token/walk.rs
+++ b/src/token/walk.rs
@@ -30,8 +30,11 @@ impl<'i, 't, A> Isomeric for TokenFeed<'i, 't, A> {
 // supports aggregations that must consider the complete sequence of terms without the need for
 // additional state in `Fold` implementers or `Term`s.
 pub trait Fold<'t, A> {
+    type Sequencer: Sequencer;
     type Term;
 
+    fn sequencer() -> Self::Sequencer;
+
     fn initialize(&mut self, _branch: &BranchKind<'t, A>) -> Option<Self::Term> {
         None
     }
@@ -45,6 +48,34 @@ pub trait Fold<'t, A> {
     fn term(&mut self, leaf: &LeafKind<'t>) -> Self::Term;
 }
 
+impl<'f, 't, A, F> Fold<'t, A> for &'f mut F
+where
+    F: Fold<'t, A>,
+{
+    type Sequencer = F::Sequencer;
+    type Term = F::Term;
+
+    fn sequencer() -> Self::Sequencer {
+        F::sequencer()
+    }
+
+    fn initialize(&mut self, branch: &BranchKind<'t, A>) -> Option<Self::Term> {
+        F::initialize(self, branch)
+    }
+
+    fn fold(&mut self, branch: &BranchKind<'t, A>, terms: Vec<Self::Term>) -> Option<Self::Term> {
+        F::fold(self, branch, terms)
+    }
+
+    fn finalize(&mut self, branch: &BranchKind<'t, A>, term: Self::Term) -> Self::Term {
+        F::finalize(self, branch, term)
+    }
+
+    fn term(&mut self, leaf: &LeafKind<'t>) -> Self::Term {
+        F::term(self, leaf)
+    }
+}
+
 pub trait FoldMap<'t, 'o, A> {
     type Annotation;
 
@@ -112,12 +143,12 @@ impl<'t, A> Token<'t, A> {
     where
         F: Fold<'t, A>,
     {
-        self.fold_with_sequence(Forward::default(), f)
+        self.fold_with_sequence(F::sequencer(), f)
     }
 
-    pub fn fold_with_sequence<S, F>(&self, mut sequencer: S, f: F) -> Option<F::Term>
+    fn fold_with_sequence<S, F>(&self, mut sequencer: S, f: F) -> Option<F::Term>
     where
-        S: BranchSequencer,
+        S: Sequencer,
         F: Fold<'t, A>,
     {
         struct TokenPath<'i, 't, A, F>
@@ -347,7 +378,7 @@ impl<'t, A> Token<'t, A> {
 #[repr(transparent)]
 pub struct Parent<T>(T);
 
-type ParentToken<'i, 't, A> = Parent<&'i BranchKind<'t, A>>;
+pub type ParentToken<'i, 't, A> = Parent<&'i BranchKind<'t, A>>;
 
 impl<T> AsRef<T> for Parent<T> {
     fn as_ref(&self) -> &T {
@@ -369,7 +400,7 @@ impl<'i, 't, A> ParentToken<'i, 't, A> {
 #[repr(transparent)]
 pub struct Child<T>(T);
 
-type ChildToken<'i, 't, A> = Child<&'i Token<'t, A>>;
+pub type ChildToken<'i, 't, A> = Child<&'i Token<'t, A>>;
 
 impl<T> AsRef<T> for Child<T> {
     fn as_ref(&self) -> &T {
@@ -377,7 +408,7 @@ impl<T> AsRef<T> for Child<T> {
     }
 }
 
-pub trait BranchSequencer {
+pub trait Sequencer {
     fn enqueue<'i, 't, A>(
         &mut self,
         parent: ParentToken<'i, 't, A>,
@@ -387,7 +418,7 @@ pub trait BranchSequencer {
 #[derive(Default)]
 pub struct Forward;
 
-impl BranchSequencer for Forward {
+impl Sequencer for Forward {
     fn enqueue<'i, 't, A>(
         &mut self,
         parent: ParentToken<'i, 't, A>,
@@ -399,7 +430,7 @@ impl BranchSequencer for Forward {
 #[derive(Default)]
 pub struct Reverse;
 
-impl BranchSequencer for Reverse {
+impl Sequencer for Reverse {
     fn enqueue<'i, 't, A>(
         &mut self,
         parent: ParentToken<'i, 't, A>,
@@ -411,7 +442,7 @@ impl BranchSequencer for Reverse {
 #[derive(Default)]
 pub struct Starting;
 
-impl BranchSequencer for Starting {
+impl Sequencer for Starting {
     fn enqueue<'i, 't, A>(
         &mut self,
         parent: ParentToken<'i, 't, A>,
@@ -429,7 +460,7 @@ impl BranchSequencer for Starting {
 #[derive(Default)]
 pub struct Ending;
 
-impl BranchSequencer for Ending {
+impl Sequencer for Ending {
     fn enqueue<'i, 't, A>(
         &mut self,
         parent: ParentToken<'i, 't, A>,
@@ -546,7 +577,7 @@ impl<'i, 't, A, S> CancelWalk for Walk<'i, 't, A, S> {
 
 impl<'i, 't, A, S> Iterator for Walk<'i, 't, A, S>
 where
-    S: BranchSequencer,
+    S: Sequencer,
 {
     type Item = TokenEntry<'i, 't, A>;
 
@@ -591,7 +622,7 @@ where
 
 impl<'i, 't, A, S> SeparatingFilterInput for Walk<'i, 't, A, S>
 where
-    S: BranchSequencer,
+    S: Sequencer,
 {
     type Feed = TokenFeed<'i, 't, A>;
 }
@@ -604,7 +635,7 @@ pub fn with_sequence<'i, 't, T, S>(
 where
     't: 'i,
     T: TokenTree<'t>,
-    S: 'i + BranchSequencer,
+    S: 'i + Sequencer,
 {
     Walk {
         branch: None,